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Latest Financial News for CVSI


Will CV Sciences, Inc. (CVSI) Report Negative Q1 Earnings? What You Should Know
Posted on Friday May 07, 2021

CV Sciences, Inc. (CVSI) doesn't possess the right combination of the two key ingredients for a likely earnings beat in its upcoming report. Get prepared with the key expectations.


CV Sciences, Inc. to Announce First Quarter 2021 Results on May 13, 2021
Posted on Thursday May 06, 2021

SAN DIEGO, May 06, 2021 (GLOBE NEWSWIRE) -- CV Sciences, Inc. (OTCQB:CVSI) (the “Company”, “CV Sciences”, “our”, “us” or “we”), a preeminent supplier and manufacturer of hemp cannabidiol (CBD) products, today announced that it will release financial results for the first quarter ended March 31, 2021, after the stock market closes on Thursday, May 13, 2021. The Company will hold a conference call with the investment community at 1:30 p.m. Pacific Time (4:30 p.m. Eastern Time) that same day. The webcast of the conference call will be available on the Investor Relations section of the Company's website at https://ir.cvsciences.com/news-events and at http://public.viavid.com/index.php?id=144697. The webcast will be archived for approximately 30 days. Investors interested in participating in the live call can also dial (877) 407-0784 from the U.S. or international callers can dial (201) 689-8560. Please dial the conference telephone number 15 minutes prior to the start time due to increased demand for conference calls. A telephone replay will be available approximately two hours after the call concludes and will be available through Thursday, May 20, 2021, by dialing (844) 512-2921 from the U.S. or (412) 317-6671 from international locations, and entering confirmation code 13719303. About CV Sciences, Inc. CV, or Curriculum Vitae, is Latin for "course of life", and science is the pursuit of truth. CV Sciences: our name is our mission -improving quality of life through nature and science. CV Sciences, Inc. (OTCQB:CVSI) operates two distinct business segments: a consumer product division focused on manufacturing, marketing and selling plant-based dietary supplements and CBD products to a range of market sectors; and a drug development division focused on developing and commercializing CBD-based novel therapeutics. The Company’s PlusCBD™ products are sold at more than 7,300 retail locations throughout the U.S. and it is the top-selling brand of hemp-derived CBD in the natural products market, according to SPINS, the leading provider of syndicated data and insights for the natural, organic and specialty products industry. CV Sciences follows all guidelines for Good Manufacturing Practices (GMP) and the Company’s products are processed, produced, and tested throughout the manufacturing process to confirm strict compliance with company standards and specifications. With a commitment to science, PlusCBD™ product benefits in healthy people are supported by human clinical research data, in addition to three published clinical case studies available on PubMed.gov. PlusCBD™ was the first hemp CBD supplement brand to invest in the scientific evidence necessary to receive self-affirmed Generally Recognized as Safe (GRAS) status. CV Sciences, Inc. has primary offices and facilities in San Diego, California. Additional information is available from OTCMarkets.com or by visiting www.cvsciences.com. FORWARD-LOOKING DISCLAIMER This press release may contain certain forward-looking statements and information, as defined within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, and is subject to the Safe Harbor created by those sections. This material contains statements about expected future events and/or financial results that are forward looking in nature and subject to risks and uncertainties. Such forward-looking statements by definition involve risk and uncertainties. CONTACT INFORMATION: Investor Contact:ICRReed Anderson646-277-1260CVSciences@icrinc.com Media Contact:ICRCory Ziskind646-277-1232cory.ziskind@icrinc.com


CV Sciences and Alkemist Labs Form Partnership to Support the National Institute of Standards and Technology’s Cannabis Quality Assurance Program
Posted on Tuesday April 13, 2021

SAN DIEGO, April 13, 2021 (GLOBE NEWSWIRE) -- CV Sciences, Inc. (OTCQB:CVSI) (the “Company”, “CV Sciences”, “our”, “us” or “we”), a preeminent leader in hemp derived cannabidiol (CBD) products, today announced an ongoing partnership with Alkemist Labs, an established leader in botanical plant testing, to collaborate with the National Institute of Standards and Technology (“NIST”) on efforts to help cannabis testing labs demonstrate and improve measurement capabilities and comparability. The tools developed by this NIST cannabis program will support measurements establishing legal, commerce, and safety claims through the development of fit-for-purpose analytical methodologies, production of Reference Materials, and implementation of NIST’s Cannabis Quality Assurance Program (“CannaQAP”). As part of this collaboration, CV Sciences will prepare and provide hemp oil samples that NIST will distribute to laboratories that participate in CannaQAP. In addition, Alkemist Labs will provide initial measurements of cannabinoid levels in those samples. Currently, marijuana and THC remain on the controlled substances list, although medical marijuana is legal in 33 states and recreational marijuana is legal in 11 states as well as the District of Columbia. The 2018 Farm Bill defined hemp as cannabis containing not more than 0.3% THC and removed hemp from the controlled substances list. These legal changes have required laboratories throughout the United States to implement quantitative analytical methods to distinguish cannabis raw material and finished products as marijuana or hemp. “As one of the first accredited cannabis testing labs in California, Alkemist Labs has a long history as a strong advocate for rigorous laboratory standards for cannabis products,” said Alkemist Labs CEO Elan Sudberg. “We’re very pleased to be partnering with CV Sciences and NIST on this important effort to ensure that labs have the fit-for-purpose test methods they need to support high quality standards of cannabis products.” CannaQAP will improve the accuracy and capability of cannabis product testing, which supports industry transparency and protects consumers. The CannaQAP will benefit forensic laboratories that are developing analytical methods to distinguish hemp from marijuana through quantitative measurements or screening thresholds; quality control laboratories testing cannabis products for strength and composition; regulatory laboratories testing for product compliance; and researchers conducting clinical trials on the safety and benefits of cannabis products. “As the most trusted hemp-derived CBD company, CV Sciences was honored to be invited to partner with Alkemist Labs to assist NIST in its efforts to improve cannabis testing throughout the industry,” said Dr. Douglas Mackay, N.D., Senior Vice President of Scientific and Regulatory Affairs for CV Sciences. “We are dedicated to moving the CBD industry forward through science and advancing NIST’s CannaQAP program will play a pivotal role in helping the industry improve the scientific rigor and reproducibility between Cannabis testing labs.” A full description of CannaQAP can be found here: https://www.nist.gov/programs-projects/nist-tools-cannabis-laboratory-quality-assurance. About CV Sciences, Inc. CV, or Curriculum Vitae, is Latin for "course of life", and science is the pursuit of truth. CV Sciences: our name is our mission -improving quality of life through nature and science. CV Sciences, Inc. (OTCQB:CVSI) operates two distinct business segments: a consumer product division focused on manufacturing, marketing and selling plant-based dietary supplements and CBD products to a range of market sectors; and a drug development division focused on developing and commercializing CBD-based novel therapeutics. The Company’s PlusCBD™ products are sold at more than 7,300 retail locations throughout the U.S. and it is the top-selling brand of hemp-derived CBD in the natural products market, according to SPINS, the leading provider of syndicated data and insights for the natural, organic and specialty products industry. CV Sciences follows all guidelines for Good Manufacturing Practices (GMP) and the Company’s products are processed, produced, and tested throughout the manufacturing process to confirm strict compliance with company standards and specifications. With a commitment to science, PlusCBD™ product benefits in healthy people are supported by human clinical research data, in addition to three published clinical case studies available on PubMed.gov. PlusCBD™ was the first hemp CBD supplement brand to invest in the scientific evidence necessary to receive self-affirmed Generally Recognized as Safe (GRAS) status. CV Sciences, Inc. has primary offices and facilities in San Diego, California. Additional information is available from OTCMarkets.com or by visiting www.cvsciences.com. About Alkemist Labs Alkemist Labs is an ISO 17025 accredited contract testing laboratory specializing in plant authentication, botanical ingredient identification and quantitative analytical services to the Food & Beverage, Nutraceutical and Cosmeceutical industries. Located in a state-of-the-art facility in Garden Grove, California, Alkemist Labs offers clients a wide range of specialty research services to evaluate the identity, purity and quality of botanical raw materials, dietary ingredients and finished products. DEA registered 1, 2, 3n, and 4 for over 20 years, Alkemist is also approved to be on California Department of Food and Agriculture (CDFA) list for hemp testing. Alkemist Labs produces a complete line of Composite Reference Botanicals (CRBs), critical tools for botanical identity verification. Since it was founded in 1997, Alkemist Labs has become the ideal “Partner for Quality” to companies interested in producing high quality natural products requiring independent, third-party analysis, Stability/Shelf-life studies, Certification of Analysis and cGMP compliance. alkemist.com FORWARD-LOOKING DISCLAIMER This press release may contain certain forward-looking statements and information, as defined within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, and is subject to the Safe Harbor created by those sections. This material contains statements about expected future events and/or financial results that are forward-looking in nature and subject to risks and uncertainties. Such forward-looking statements by definition involve risks, uncertainties. CONTACT INFORMATION: Investor Contact:ICRReed Anderson646-277-1260CVSciences@icrinc.com Media Contact:ICRCory Ziskind646-277-1232cory.ziskind@icrinc.com Alkemist Labs Media Contact:Suzanne Shelton847-922-5454Suzanne@SheltonGroupPR.com


CV Sciences, Inc. Reports Fiscal Year-End 2020 Financial Results
Posted on Thursday March 18, 2021

SAN DIEGO, March 18, 2021 (GLOBE NEWSWIRE) -- CV Sciences, Inc. (OTCQB:CVSI) (the “Company”, “CV Sciences”, “our”, “us” or “we”), a preeminent supplier and manufacturer of hemp cannabidiol (CBD) products, today announced its financial results for the year ended December 31, 2020. Fiscal 2020 and Recent Operating Highlights Revenue of $24.4 million for fiscal year 2020;Gross margin of 45.1% for fiscal year 2020;Maintained total cash balance of $4.5 million at year end;Total retail distribution increased to more than 7,300 stores as of December 31, 2020, an increase from 5,500 stores as of December 31, 2019;Launched PlusCBDTM brand refresh and new products (Q3);Launched Happy LaneTM, a new THC-free CBD brand and product line for the convenience store channel (Q3);Launched CVTM Acute, a clinically researched wide spectrum proprietary plant-based formula which supports immune system and respiratory health (Q3);Launched CVTM Defense, a clinically supported immune formula which provides daily support (Q3);Launched PlusCBDTM Pet, a full line of hemp extracts formulated exclusively for dogs and cats (Q4);Launched ProCBDTM, a full product line of clinical strength products supported by clinical research and available exclusively through health practitioners (Q4);Entered into a common stock purchase agreement to issue and sell up to $10 million in shares of common stock (Q4); andReceived formal notice of patent issuance from USPTO and the Japanese Patent Office for proprietary CBD and nicotine formulation and treatment of smokeless tobacco addiction (Q2 and Q4). “During a very challenging 2020, we focused on building for the future with several key initiatives, including: introduction of three new brands and 50+ brand refreshed or new products; expansion in existing and new B2B sales channels with distribution in over 7,300 U.S. retail locations, a year-over-year increase of 32%; strategic expansion into the growing categories of Immunity, Pet and Health Practitioner products; and, a focused investment in expanding our ecommerce B2C platform with key infrastructure expansion of people, systems and processes," stated Joseph Dowling, Chief Executive Officer of CV Sciences. "Our relentless focus on quality and innovation helped broaden our business in 2020, driving solid distribution gains despite significant headwinds stemming from the yearlong and ongoing pandemic. We responded aggressively to consumers’ increased demand for immunity support with the introduction of two new products and early results suggest strong long-term growth potential for CV Sciences in the $4 billion immunity category. Expansion into the pet category during the fourth quarter was another important milestone as this market continues growing rapidly, on pace to double every 2-3 years. We also leveraged our science-based approach with the introduction a clinical strength line of CBD products targeting health practitioners and consumers’ burgeoning interest in natural, plant-based alternative medicine and self-care products. Our digital footprint expanded during 2020 with significant improvement to our pluscbdoil.com website, and we introduced our cvsciences.com website during Q4. On the digital front-end, we greatly improved our shopping experience and customer journey, and have continued to make solid progress in revenue generating metrics including site visitors, conversion rates and customer lifetime value. Despite near-term challenges and uncertainties, we continue executing on our key strategic initiatives, leveraging core competitive advantages to drive significant long-term growth and shareholder value.” Operating Results - Full Year 2020 Compared to Full Year 2019Sales for fiscal 2020 were $24.4 million, a decrease of 55% from $53.7 million in 2019. Current year sales were impacted by the yearlong and ongoing COVID-19 pandemic and increased market competition, which is largely due to the uncertain regulatory environment for CBD. The Company's products were sold in 7,346 retail stores nationwide as of December 31, 2020, up from 5,567 stores as of December 31, 2019. The Company recognized an operating loss of $22.6 million in 2020, compared to an operating loss of $17.2 million in the prior year. The Company had negative adjusted EBITDA for fiscal year 2020 of $11.6 million, compared to adjusted EBITDA of $0.2 million in 2019. Fourth Quarter 2020 - SalesDuring the fourth quarter of 2020, sales declined 45% to $5.2 million compared to $9.3 million in the prior year period. Fourth quarter sales declined 7% on a sequential basis predominantly due to the ongoing COVID-19 pandemic and increased market competition. Conference Call and WebcastThe Company will host a conference call and webcast to discuss these results today at 4:30 pm EDT/1:30 pm PDT. The webcast of the conference call will be available on the Investor Relations section of the Company's web site at https://ir.cvsciences.com/news-events or directly at http://public.viavid.com/index.php?id=143835. Investors interested in participating in the live call can also dial (877) 407-0784 from the U.S. or international callers can dial (201) 689-8560, passcode: 13717248. A telephone replay will be available approximately two hours after the call concludes, and will be available through Thursday, March 25, 2021, by dialing (844) 512-2921 from the U.S. or (412) 317-6671 from international locations, and entering confirmation code 13717248. About CV Sciences, Inc.CV, or Curriculum Vitae, is Latin for "course of life", and science is the pursuit of truth. CV Sciences: our name is our mission --improving quality of life through nature and science. CV Sciences, Inc. (OTCQB:CVSI) operates two distinct business segments: a consumer product division focused on manufacturing, marketing and selling plant-based dietary supplements and CBD products to a range of market sectors; and a drug development division focused on developing and commercializing CBD-based novel therapeutics. The Company’s PlusCBD™ products are sold at more than 7,300 retail locations throughout the U.S. and it is the top-selling brand of hemp-derived CBD in the natural products market, according to SPINS, the leading provider of syndicated data and insights for the natural, organic and specialty products industry. CV Sciences follows all guidelines for Good Manufacturing Practices (GMP) and the Company’s products are processed, produced, and tested throughout the manufacturing process to confirm strict compliance with company standards and specifications. With a commitment to science, PlusCBD™ product benefits in healthy people are supported by human clinical research data, in addition to three published clinical case studies available on PubMed.gov. PlusCBD™ was the first hemp CBD supplement brand to invest in the scientific evidence necessary to receive self-affirmed Generally Recognized as Safe (GRAS) status. CV Sciences, Inc. has primary offices and facilities in San Diego, California. Additional information is available from OTCMarkets.com or by visiting www.cvsciences.com. Forward Looking StatementsThis press release may contain certain forward-looking statements and information, as defined within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, and is subject to the Safe Harbor created by those sections. This material contains statements about expected future events and/or financial results that are forward-looking in nature and subject to risks and uncertainties. Such forward-looking statements by definition involve risk and uncertainties. Contact Information Investor Contact:ICRReed Anderson646-277-1260reed.anderson@icrinc.com Media Contact:ICRCory Ziskind646-277-1232cory.ziskind@icrinc.com CV SCIENCES, INC.CONSOLIDATED STATEMENTS OF OPERATIONS(in thousands, except per share data) Years ended December 31, 2020 2019Product sales, net$24,429 $53,696 Cost of goods sold13,420 18,608 Gross Profit11,009 35,088 Operating expenses: Research and development2,943 5,877 Selling, general and administrative30,658 46,451 33,601 52,328 Operating Loss(22,592) (17,240) Interest (income) expense, net9 (15)Loss before income taxes(22,601) (17,225)Income tax benefit(317) (615)Net Loss$(22,284) $(16,610) Weighted average common shares outstanding, basic and diluted99,913 97,861 Net loss per common share, basic and diluted$(0.22) $(0.17) CV SCIENCES, INC.CONSOLIDATED BALANCE SHEETS(in thousands, except per share data) As of December 31, 2020 2019Assets Current assets: Cash and cash equivalents$4,024 $9,107 Restricted cash501 501 Accounts receivable, net1,126 2,177 Inventory8,840 9,971 Prepaid expenses and other2,372 10,611 Total current assets16,863 32,367 Property & equipment, net2,877 3,615 Operating lease assets3,057 8,709 Intangibles, net3,730 3,766 Goodwill2,788 2,788 Other assets1,310 1,442 Total assets$30,625 $52,687 Liabilities and stockholders' equity Current liabilities: Accounts payable$1,677 $1,617 Accrued expenses9,805 10,856 Current portion of operating lease liability680 723 Current portion of long-term debt2,174 — Total current liabilities14,336 13,196 Debt1,453 — Operating lease liability3,467 9,517 Deferred tax liability157 421 Other liabilities— 406 Total liabilities19,413 23,540 Commitments and contingencies Stockholders' equity Preferred stock, par value $0.0001; 10,000 shares authorized; no shares issued and outstanding— — Common stock, par value $0.0001; 190,000 shares authorized, 100,664 and 99,416 shares issued and outstanding as of December 31, 2020 and 2019, respectively10 10 Additional paid-in capital75,123 70,774 Accumulated deficit(63,921) (41,637)Total stockholders' equity11,212 29,147 Total liabilities and stockholders' equity$30,625 $52,687 CV SCIENCES, INC.CONSOLIDATED STATEMENTS OF CASH FLOW(in thousands) Years ended December 31, 2020 2019OPERATING ACTIVITIES Net loss$(22,284) $(16,610)Adjustments to reconcile net loss to net cash flows used in operating activities: Depreciation and amortization872 716 Common stock issued for commitment fee100 — Stock-based compensation3,881 5,589 Stock-based compensation associated with founders employment settlement— 9,531 Derecognition of tax receivable for founder RSU settlement6,229 — Loss on disposal of fixed assets191 — Deferred taxes(264) (644)Non-cash lease expense598 817 Bad debt expense133 236 Other134 — Change in operating assets and liabilities: Accounts receivable918 927 Inventory1,703 (1,421)Prepaid expenses and other2,959 (3,016)Accounts payable and accrued expenses(2,470) 1,648 Net cash used in operating activities(7,300) (2,227) INVESTING ACTIVITIES Purchase of property and equipment(1,057) (1,147)Net cash flows used in investing activities(1,057) (1,147) FINANCING ACTIVITIES Proceeds from debt2,906 — Repayment of unsecured debt— (474)Proceeds from issuance of common stock193 — Proceeds from exercise of stock options175 521 Net cash flows provided by financing activities3,274 47 Net decrease in cash, cash equivalents and restricted cash(5,083) (3,327)Cash, cash equivalents and restricted cash, beginning of year9,608 12,935 Cash, cash equivalents and restricted cash, end of year$4,525 $9,608 Supplemental cash flow disclosures: Interest paid$— $9 Income taxes paid20 99 Supplemental disclosure of non-cash transactions: Purchase of property and equipment in accounts payable and accrued expenses$15 $89 Operating ROU lease assets obtained in exchange for operating lease liabilities— 5,405 Recognition of founder RSU tax withholding obligation and receivable— 6,409 Derecognition of operating ROU lease assets related to operating lease termination(4,704) — Purchase of insurance through issuance of note payable721 — Sale of property and equipment in exchange for note receivable (recorded in prepaid expenses and other) and inventory675 — Cashless exercise of options108 39 CV SCIENCES, INC.NON-GAAP FINANCIAL MEASURES (UNAUDITED) We prepare our condensed consolidated financial statements in accordance with generally accepted accounting principles for the United States (GAAP). The non-GAAP financial measures such as net income and loss per share and Adjusted EBITDA included in this press release are different from those otherwise presented under GAAP. We use non-GAAP measures internally to evaluate our performance and make financial and operational decisions that are presented in a manner that adjusts from their equivalent GAAP measures or that supplement the information provided by our GAAP measures. The non-GAAP financial measures exclude non-cash compensation expense for stock options and other non-recurring items. When evaluating the performance of our business and developing short and long-term plans, we do not consider share-based compensation charges. Although share-based compensation is necessary to attract and retain quality employees, our consideration of share-based compensation places its primary emphasis on overall shareholder dilution rather than the accounting charges associated with such grants. Because of the varying availability of valuation methodologies and subjective assumptions, we believe that the exclusion of share-based compensation allows for more accurate comparison of our financial results to previous periods. In addition, we believe it useful to investors to understand the specific impact of the application of the fair value method of accounting for share-based compensation on our operating results. Adjusted EBITDA is defined by us as EBITDA (net income (loss) plus depreciation expense, amortization expense, and interest expense, minus income tax benefit), further adjusted to exclude certain non-cash expenses and other adjustments as set forth below. We use Adjusted EBITDA because we believe it more clearly highlights trends in our business that may not otherwise be apparent when relying solely on GAAP financial measures, since Adjusted EBITDA eliminates from our results specific financial items that have less bearing on our core operating performance. We use Adjusted EBITDA in communicating certain aspects of our results and performance, including in this press release, and believe that Adjusted EBITDA, when viewed in conjunction with our GAAP results and the accompanying reconciliation, can provide investors with greater transparency and a greater understanding of factors affecting our financial condition and results of operations than GAAP measures alone. In addition, we believe the presentation of Adjusted EBITDA is useful to investors in making period-to-period comparison of results because the adjustments to GAAP are not reflective of our core business performance. A reconciliation from our GAAP net loss to non-GAAP net income (loss) for the years ended December 31, 2020 and 2019 is detailed below (in thousands, except per share data): Years ended December 31, 2020 2019Net loss - GAAP$(22,284) $(16,610)Stock-based compensation (1)3,881 5,589 Stock-based compensation associated with founder employment settlement (2)— 9,531 Payroll expense associated with founder employment settlement (3)— 1,585 Derecognition of tax receivable for founder RSU settlement (4)6,229 — Net income (loss) - non-GAAP$(12,174) $95 Diluted EPS - GAAP$(0.22) $(0.17)Stock-based compensation (1)0.04 0.06 Stock-based compensation associated with founder employment settlement (2)— 0.10 Payroll expense associated with founder employment settlement (3)— 0.01 Derecognition of tax receivable fpr founder RSU settlement (4)0.06 — Diluted EPS - non-GAAP$(0.12) $— Shares used to calculate diluted EPS - GAAP99,913 97,861 Shares used to calculate diluted EPS - non-GAAP99,913 116,982 _____________(1) Represents stock-based compensation expense related to stock options awarded to employees, consultants and non-executive directors based on the grant date fair value using the Black-Scholes valuation model.(2) Represents stock-based compensation expense related to accelerated vesting of RSU's and the modification of certain stock options associated with the settlement agreements with our founder.(3) Represents accrued payroll and related benefits associated with the separation of our founder.(4) Represents the derecognition of the tax receivable related to founder RSU settlement. A reconciliation from our net loss to Adjusted EBITDA, a non-GAAP measure, for the years ended December 31, 2020 and 2019 is detailed below (in thousands): Year ended December 31, 2020 Year ended December 31, 2019 ConsumerProducts SpecialtyPharma Total ConsumerProducts SpecialtyPharma TotalNet loss$(19,908) $(2,376) $(22,284) $(12,793) $(3,817) $(16,610)Depreciation836 — 836 681 — 681 Amortization— 36 36 — 35 35 Interest expense (income)9 — 9 (15) — (15)Income tax benefit(317) — (317) (615) — (615)EBITDA(19,380) (2,340) (21,720) (12,742) (3,782) (16,524)Stock-based compensation (1)3,744 137 3,881 5,426 163 5,589 Stock-based compensation associated with founder employment settlement (2)— — — 9,531 — 9,531 Payroll expense associated with founder employment settlement (3)— — — 1,585 — 1,585 Derecognition of tax receivable for founder RSU settlement (4)6,229 — 6,229 — — — Adjusted EBITDA$(9,407) $(2,203) $(11,610) $3,800 $(3,619) $181 ______________(1) Represents stock-based compensation expense related to stock options awarded to employees, consultants and non-executive directors based on the grant date fair value using the Black-Scholes valuation model.(2) Represents stock-based compensation expense related to accelerated vesting of RSU's and the modification of certain stock options associated with the settlement agreements with our founder.(3) Represents accrued payroll and related benefits associated with the separation of our founder.(4) Represents the derecognition of the tax receivable related to founder RSU settlement.


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